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Russia retaliates against West with ban on food imports
Russia is imposing a “full embargo” on food imports from some Western countries, in what is seen as a retaliation against the West's increasing sanctions against Russia.
The news was announced by Russian Prime Minister Dimitry Medvedev during a televised speech to the government. He listed fish, meat, milk and other dairy products as food products that would fall under the embargo.
Countries to be subjected to the ban will include the US, Australia, Canada, Norway, and those in the EU.
Russia has also said that it is banning Ukranian airlines from passing over its territory.
Last week, Brussels extended its sanctions against Russia to include whole sectors of Russia's economy; previously they had affected individuals only. The latest move by Russia is seen as a reaction to this.
Russia is Europe's second biggest market for food and drink. In 2013, food and raw material exports to Russia brought €12.2bn (£9.7bn) to Europe.
David Savage from law firm Eversheds said: "The immediate ban on the import of specified foodstuffs into Russia has sizeable implications for both Russian citizens and Western companies.
"Western companies who have contracts to supply Russian counterparties and who have no suitable contractual protections in place face an unenviable choice between finding themselves in breach of contract or in breach of Russian sanctions."
Compared to other European countries, the UK is less likely to lose out as a result of the ban; last year, its biggest food export to Russia was £17m worth of frozen fish, followed by £5.7m of cheese and £5.3m of coffee.
This is not the first time that Russia has banned food imports from Europe. As the crisis in Ukraine began to escalate at the beginning of 2014, it cut off 25 per cent of all European pork exports. This, according to the European Commission, subjected European farmers to significant losses.